Ravi Parthasarathy, former chairman of IL&FS Group, arrested

Former chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS) Ravi Parthasarathy has been arrested by the Economic Offences Wing-II, here, following a complaint given by 63 Moons Technologies. “The kingpin and the mastermind of the several crore IL&FS and ITNL (IL&FS Transportation Networks Ltd) financial scam Ravi Parthasarathy has been arrested by the economic offences wing (EOW-II) Chennai," a press release said on Friday.

The IL&FS Group consists of more than 300 group companies that were used as a vehicle to perpetrate one of the country’s largest financial frauds by the then management of IL&FS group headed by Parthasarathy, the release said. The First Information Report (FIR) has been registered under relevant sections of Indian Penal Code in connection with the complaint given by 63 Moons Technologies which allegedly lost a sum of Rs 200 crore.

“Complaints from various other depositors have also been received by the Economic Offences Wing," the release said adding an anticipatory bail petition filed by Parthasarathy was dismissed by the Madras High Court. The EOW-II Chennai had already arrested and remanded the former directors, and managing directors — Hari Sankaran and Ramachand Karunakaran also the close aides of the Partharasarathy, the release said.